Is BitoStar a Scam? Read This Review Before You Invest
What is BitoStar? Should you trust BitoStar and invest your money in this investment program? Read this BitoStar review and find out why you should avoid this investment scam.
What is the BitoStar ?
Website address: BitoStar.com
Price: 0.01 BTC (minimum)
Referral commission: 21%
Overall Rank: 0 out of 100
For those who are new to the world of cryptocurrencies, it is a form of money specifically designed to take advantage of the architecture of the internet. Because cryptocurrencies are completely digital, they can be used in ways that ordinary currencies can’t.
I bet you have heard about BitCoin, it is a good example of cryptocurrencies. BitCoin is used like the digital equivalent of cash. You can use them to buy goods and services from an increasingly diverse selection of retailers and individuals.
To invest with BitoStar, first, choose the amount to double and provide your personal wallet to receive earned profit. Secondly, deposit any amount (min 0.01 BTC) to the unique generated deposit address. Thirdly, wait for the deposit to show up on the homepage when it receives three confirmations and it will start receiving 2.5% ROI profit hourly after every hour till 80 hours.
Just like everything else, cryptocurrency has become an investment asset. Unfortunately, there are many non-legitimate companies claim that they have been actively involved in cryptocurrency investment and try to steal your money. BitoStar is one of them.
Read on to learn more about this BitoStar scam.
Should You Trust BitoStar?
You should not trust this investment company.
The BitoStar is a scam. It is a fake investment company. From the official website, one can notice it is an HYIP investment scam that aims to steal your hard earned money. Why? There are a few red flags I managed to pick up.
#Red Flag 1 – New Site and Unknown Identity
BitoStar is very new and looking at the date of registry, it was registered on 2016-07-19 and expiring in one year time. A legitimate company wouldn’t register a domain for just a year if they are planning to go for a long-term business plan.
I have tried to search for that name of the registrar on the internet and nothing shows up. This is a clear warning that the scammer does not want to reveal his or her real identity to avoid detection.
#Red Flag 2 – Ponzi Scheme
The referral program. This is a typical trick from most of the HYIP on the market. They offer to reward “referral fees” to investors for bringing in additional members.
That’s how a Ponzi scheme is operated. They recruit new members to sustain the pyramid scheme. They need “new” money to generate “returns” for the older investors by acquiring new investors.
It is a fraudulent investment scheme where they pay returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
It is a pyramid scheme that typically collapses in the end because it requires exponential increases in participants to sustain the business model. That simply means the scheme cannot go on forever.
The BitoStar probably still pays their investors for now as the program is still relatively new on the market. When there is insufficient investment fund from the new recruitment to the older investors, the entire structure will collapse.
#Red Flag 3 – Vague Investment Information
Obviously, there is a lack of details on how BitoStar manage the money from the investors. BitoStar tends to be vague about the strategies used in their program.
Funny enough, there isn’t an “About” BitoStar page at all on the official site. All I got is just a vague information. Furthermore, they are not backed by a real and verified trader. There is no proof and information at all on who are running behind the scene.
This is your hard earned money, please do not be afraid to ask questions. A genuine financial professional will usually be happy to explain in detail the investment program they are marketing. Unfortunately, BitoStar fails to do so.
#Red Flag 4 – High, Unsustainable Yields
I have years of experience in investments. Historically, investments in most large corporate stocks return less than 10% per year. Usually, HYIP scams offer between 1 percent to 2 percent daily profits to its members. As for BitoStar, they offer 2.5% ROI profit hourly after every hour till 80 hours, of which it is a total nonsense.
The ROIs that they claim on the official page clearly indicate that the investment is actually a Ponzi scheme or a junk bond that may never increase in value and has a high rate of default.
I am not a fan of these HYIP programs. It is very rare that I recommend them because there are some things you need to know before you dive into this and throwing your hard earned money around.
Every investment carries some degree of risk, which is reflected in the rate of return you can expect to receive. If your money is perfectly safe, you’ll most likely get a low return. High returns entail high risks, possibly including a total loss on the investments.
Fraudsters like BitoStar spends a lot of time trying to convince people that extremely high returns are “guaranteed” or “can’t miss.” They try to plant an image in your head of what your life will be like when you are rich.
Don’t ever believe it.
Based on my observation, it is very clear that BitoStar is an investment scam.
By the way, Amazing 5 started 6 months ago and now it is official shut down. It is now gone with a lot of money from many victims. This is a prime example of how these HYIPs scam your money.
Why do people keep joining HYIPs knowing that they are Ponzi schemes?
All these Ponzi Schemes are aimed at people who want to get rich quick and do not want to take the tried & tested route of – hard work = success.
Most people want to make lots of money quickly and the legal options are often very limited (e.g. Lottery). When a product promises to give you exorbitant returns, people tend to believe it due to our greed.
However, most of the people end up losing their savings and hard-earned money.
I wrote an article on How to Invest Online Without Being Scammed. This should serve as a reference when you look for a legitimate investment company on the internet.
I don’t like the reliance on a Ponzi scheme in order to make bad money. Instead, I do affiliate marketing (it’s different) and rely 100% on myself to build an income online. If you are interested in alternative ways to generate a real passive income online, you might want to consider running your own legitimate online business.
One powerful way to do this is through an approach called affiliate marketing. Affiliate marketing lets you earn money by promoting products from other companies. Any product you promote is going to be based on your opinion, and you are not required to stick with just one company.
If this is an area you’re interested in, you could learn more about this through my 7-day free email course. The guide is an excellent way to learn all the ins and outs of affiliate marketing and to get started in the field yourself.
If you are interested to know more how I make money through affiliate marketing, go here.